They may only get £4.88 a week, but kids beat parents at saving

The most common payday for pocket money is Saturday, when 64% of children receive itGETTY IMAGES

A longing for Lego and smartphones means children are a lot savvier than their parents when it comes to saving.

They earned an average of £4.88 a week in pocket money last year and saved nearly 40% of it, according to a study of 20,000 youngsters aged 4 to 14 by the app RoosterMoney.

By contrast, the average household saved just 4.4% of its post-tax income, research by the Money Charity found.

Three-quarters of children receive regular pocket money, according to the RoosterMoney poll. In addition to the annual average of £254, their savings are boosted at Christmas (typically £44) and on birthdays (£32).

When asked what they were saving for, Lego was the most popular response, followed by a phone, holiday money, a Nintendo…

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